6th September 2024 (11 Topics)
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Loss and Damage Fund (LDF)
Context
The recent focus on the Loss and Damage Fund (LDF) has been heightened due to the devastating landslides that struck Kerala’s Wayanad district. This disaster has sparked a crucial conversation about whether subnational entities, such as individual states or districts, can seek compensation through international climate finance mechanisms like the LDF.
Loss and Damage Fund (LDF)
- The LDF was created during the 2022 UNFCCC Conference (COP27) in Egypt.
- Its objective was to provide financial support to regions experiencing both economic and non-economic losses due to climate change, such as extreme weather events (e.g., landslides, floods) and slow-onset processes (e.g., rising sea levels).
- Governance: Managed by a Governing Board, with the World Bank serving as the interim trustee.
- Mechanisms: Includes direct access, small grants, and rapid disbursement options to facilitate resource allocation.
- India's Situation:
- India faced over $56 billion in damages from weather-related disasters between 2019 and 2023.
- However, the country has focused more on mitigation rather than adaptation and loss management in its climate policies. This has resulted in less active participation in loss and damage dialogues, which might affect how effectively Indian states, including Kerala, can leverage the LDF.
- India requires a clear legal and policy framework to streamline climate finance, particularly for adaptation and loss and damage, emphasizing locally led adaptation.
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